Aconite reports Visa Europe contract

Aconite reports Visa Europe contract

Visa Europe has selected UK smart card specialist Aconite to provide technology to support the development of its new payWave pre-paid card.

The vendor says it will adapt its Smart PrePaid (SPP) software to support Visa Europe’s new pre-paid chip specification. This will be used for a delivery pilot with issuers, designed to minimise the impact and integration requirements with existing systems, before a wider rollout.

Aconite's SSP software enables issuers to perform secure pre-paid transactions offline without the need for online authorisation. The available balance is stored on the card and tracked in a shadow account, reducing each time a purchase is made. The shadow account ensures that once the pre-paid balance is exhausted, no further purchases can be made until it is topped up and the card is updated via an online transaction.

Mike Woods, CEO, Aconite, says: “From our experience there is a high demand for a solution that enables issuers to rapidly embrace the enormous potential that pre-paid brings such as gift cards, payroll and travel, and to address segments such as youth and unbanked.”

Last year Visa teamed with m-banking outfit Monitise to develop a mobile pre-paid account service for the European market. The service will enable customers to create Visa pre-paid accounts on their mobile phones that can be loaded with funds from a bank account or a credit or debit card. The vendor said in February that the first pre-paid product arising from the Visa partnership is expected to launch in the second half of the year.

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